Fatima runs a retail business in Dubai. She discovered that a payment of $750 for electricity was correctly entered in the cash book but debited to the insurance account. What type of error is this?

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Question

Fatima runs a retail business in Dubai. She discovered that a payment of $750 for electricity was correctly entered in the cash book but debited to the insurance account. What type of error is this?

Accepted Answer

Error of commission — Award 1 mark for error of commission. This error involves posting to the wrong account within the same class (both electricity and insurance are expense accounts). A is incorrect — the transaction was recorded. B is incorrect — an error of principle involves posting to the wrong class of account. D is incorrect — the original amount was correct.

Answer

Error of original entry

Answer

Error of omission

Answer

Error of commission

Answer

Error of principle

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